Market Sell-Off- Rise of the Machines: Mark Fisher, MBF Clearing Corp.

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Sounds like the rule NYSE has, slowing down trade from milisecond to 60 seconds to review ;odd; trades needs to be applied to all electronic trading by the SEC and CFTC. Bad news is it gives Team Obama an excuse to get involved in more regulation, let the CFTC do it without Administration intervention, please?

more about “Market Sell-Off- Rise of the Machines…“, posted with vodpod

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May 6, 2010. Tags: , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Wall St. Comments off.

UK Election results…

Uh oh-‘Britain wakes up to hung parliament’, Gordon Brown is trying to cut a deal with Clegg and keep his seat PM job, unreal, and Stirling is dropping on the news.

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May 6, 2010. Tags: , , , , , , , , , . Politics. 3 comments.

LOST producers try to protect show secrets from angry Muppets

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May 6, 2010. Tags: , , , , , , , . Comedy, Entertainment, Fantasy, Mystery, Popular Culture, Saturday Morning Cartoons, Supernatural, Suspense. Comments off.

Greek Parliament ratifies austerity measures, EURO tanks, USDollar rises, GOLD soars up $24 to $1199, DOW plummets +200

Duncan Niederauer, NYSE Euronext CEO discusses whether error really caused the market plunge today

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8:09pm EST: NYSE cancels all trades made between 2:40pm and 3:00pm that were more than 60% off.

Word is after the first really low maybe -off- trade, the computers ran wild with it, Since NYSE has a sort of stopbreaker where they wait maybe 60 seconds to put a trade through if it looks really ‘off’, the trade just moves to the next electronic exchange for a price, the other exchanges do not have the stopbreak so the trades go through, wrong and all. Then the quant models, the buy and sell limits all start kicking in automatically and we get what happened today.

Several respected traders came out this afternoon and said the market is broken, it is too fast. We need the NYSE stopbreak model applied to all electronic exchangs or it will happen again. Duncan Niederhauer cam eon with Maria Bartiromo and explained it well, I will post the video.

SEC and CFTC say they are examing today’s events.

Duncan said tomorrow will probably be ‘ugly’.

3:58pm EST: So a bad trade on PG off by a digit is rumoured to be responsible for the drop from -400 to -998 and back to -400ish. But the Euro plunge, the USDollar rocket, the GOLD surge and the 400ish drop are all fer realsies.

DOW closing down 354 to 10514, those sell programs that ‘kicked in’ saved lots of bacon. But having humans on the floor making the trades would likely have prevented the entire bad order issue in the first place.

3:07pm EST: The 998 drop is an intraday record, now DOW is down 366. I went ahead and pulled the trigger on the LYV buy I have been eyeing. Since I cant beat Ticketmaster I may as well join ;em, the frakkers!!!

2:51PM est: I think the plunge protection team stepped in, suddenly back up to down 650-where are the trading curbs??

2:49 HOLY SHXT, DOW DOWN 956, US DOLLAR SURGING against EURO, FORGET Obamas export plan, PFFT!

2:48om EST: Holy shxt DOW now down 778 and not stopping, this is fear the US will go the way of Greece, we need to STOP SPENDING

2:44pm EST: Above the post update-DOW now down 503 to 10364, GOLD crossed 1200…hang on sloopy!

gold baby

you know what that means….

2:20pm EST: the crowd is pushing closer and closer to the  police line outside Parliament in Athens

…DOW now down 270

2:24pm EST Crowd dispersed into small groups outside Parliament and are now moving into commercial center…

May 6, 2010. Tags: , , , , , , , . Finance, Politics, Wall St. Comments off.

Market Movers Thursday: Hank Paulson & Geithner testify before Fin Crisis Cmsn, ECB Trichet fails to calm market over Greece fears, UK elections…

Whole lotta shakin’ goin’ on…

follow the livestream of Hank and Tim testifying before Financial Crisis Inquiry Cmsn via CNBC here

DOW futures are down more than 50 over Greece contagion fears, ECB Trichet failed to soothe the savage market beast..

…”We expect the euro area economy to expand at a moderate pace in 2010, but growth patterns could be uneven in an environment of high uncertainty,” Trichet said during a news conference after the ECB kept interest rates at a record low of 1.0 percent.

A future adjustment in the size of banks’ balance sheets cannot be ruled out, Trichet added.Trichet said the decision to suspend ratings requirements for Greek debt was taken because the Balkan country’s austerity program was a very ambitious one, and the central bank wanted to show its support.”Default is, for me, out of question. It’s as simple as that,” he said. “We did not discuss the matter and I have nothing else to say than that.”…

OIL us down to 78 and change  yowsa…(down $9 since Monday!-the Euro/USD)

EURO is trading at a 14 month low, 1.27 against the USD…(forget Obama’s big EXPORT plan to revive our economy)

GOLD moving back up slowly-1177.7 up 2 and change

look at that 10 yr, yield all the way down at 3.54%

Weekly UE claims fell less than expected…again..

…Initial claims for state unemployment benefits dropped 7,000 to a seasonally adjusted 444,000 in the week ended May 1, the Labor Department said. Analysts polled by Reuters had expected claims to fall to 440,000 from the previously reported 448,000, which was slightly revised up to 451,000 in Thursday’s report….

May 6, 2010. Tags: , , , , , , , , , . Economy, Finance, Obama Administration, Politics, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

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